Ahead of the election, voters are very worried about inflation

SALT LAKE CITY — Inflation is one of the biggest issues voters say is on their minds this election.

According to the American Family Survey, the majority of people are “very worried” about inflation, no other economic issue even comes close.

Zions Bank Chief Economist Robert Spendlove said the president doesn’t have a big direct influence on inflation. Instead, it’s driven by consumers and the business sector.

“Free market prices are set by the supply of goods and services relative to the demand for those goods and services,” Spendlove said.

However, the next president can create policies that could help with inflation.

Regardless, Spendlove said our inflation is actually in the normal range- it just doesn’t feel like it.

According to Spendlvoe, inflation has calmed down, and in our minds that means prices will go back to pre-pandemic levels. However, that’s not how inflation works.

“A lot of those main components of inflation are back to normal, even though the prices are higher,” he said. “Those prices aren’t going to come down again.”

He said we still have sticker shock from when inflation hit its peak in 2022.

“We were hit by that inflation. It’s been really difficult,” he said. “Income, holistically, hasn’t kept up with that inflation. And that’s the problem, the economy needs time to heal and we’re still going through that healing process.”

Spendlove believes the nation’s economy is starting to normalize.

Britt Johnson is a reporter and anchor for KSL NewsRadio.

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